MILAN, April 5 Banca Mediolanum will
likely reach record net inflows this year thanks to clients
opting for a new government-backed scheme known as Individual
Saving Plans (Pir), the asset manager's Chairman Ennio Doris
said on Wednesday.
A law encouraging savers to invest in small and medium-sized
Italian firms has spawned so-called Pir funds which give savers
tax breaks if they stay invested for at least five years. The
scheme mirrors Britain's Individual Saving Accounts and France's
Doris expects clients to invest no less than 2 billion euros
in Pir, and sees total net inflows at the asset manager
surpassing a previous all-time high of 4.7 billion euros ($5
billion) this year.
($1 = 0.9366 euros)
(Reporting by Maria Pia Quaglia; writing by Francesca Landini)